EURUSD Daily Pivots
| R3 | 1.2684 |
| R2 | 1.263 |
| R1 | 1.2587 |
| Pivot | 1.2533 |
| S1 | 1.2491 |
| S2 | 1.2437 |
| S3 | 1.2393 |
 
EURUSD managed to break the support turned resistance level in the region of 1.252 and 1.255. Redrawing the bearish flag price channel we can expect to see steep declines in the event of a downside break out from the bearish flag, prices could target the region of 1.232, which is supported by the falling trend line. Alternatively, a break to the upside could see EURUSD retrace the previous, FOMC induced losses to test the daily resistance level 3 of 1.268. The only key risks to EURUSD is the services PMI from Spain and Italy and the retail sales data with the major market moving event, the ADP data due later in the day.
USDJPY Daily Pivots
| R3 | 114.925 |
| R2 | 114.487 |
| R1 | 114.045 |
| Pivot | 113.607 |
| S1 | 113.165 |
| S2 | 112.727 |
| S3 | 112.285 |
USDJPY invalidated the descending triangle, into what now looks like a clear break out from the bull flag. A quick retest to the daily pivot level which shows confluence with the flag’s break out could see USDJPY aim towards 115.46, or the daily resistance 3 level of 114.925.
GBPUSD Daily Pivots
| R3 | 1.6074 |
| R2 | 1.6045 |
| R1 | 1.6023 |
| Pivot | 1.5994 |
| S1 | 1.5972 |
| S2 | 1.5943 |
| S3 | 1.5922 |
GBPUSD is currently consolidating to form a major ascending triangle which gives its price objective towards 1.607 levels. The bullish bias is validated by the daily charts bullish reversal pattern that has formed with the major driver being the services PMI data. The rally to 1.607 region also sees a retracement of the previous break out from the trend line as well.
